Centre Asset Management LLC Lowers Stake in Incyte Co. (NASDAQ:INCY)

Centre Asset Management LLC lowered its stake in Incyte Co. (NASDAQ:INCY - Free Report) by 8.2% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 136,154 shares of the biopharmaceutical company's stock after selling 12,184 shares during the quarter. Incyte comprises approximately 2.2% of Centre Asset Management LLC's holdings, making the stock its 20th largest holding. Centre Asset Management LLC owned 0.07% of Incyte worth $9,404,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Pacer Advisors Inc. increased its stake in Incyte by 17,460.4% in the second quarter. Pacer Advisors Inc. now owns 2,692,182 shares of the biopharmaceutical company's stock valued at $163,200,000 after purchasing an additional 2,676,851 shares in the last quarter. Point72 Asset Management L.P. bought a new stake in Incyte in the 3rd quarter valued at approximately $156,611,000. Mizuho Securities USA LLC boosted its holdings in Incyte by 13,814.7% during the third quarter. Mizuho Securities USA LLC now owns 2,000,100 shares of the biopharmaceutical company's stock worth $132,207,000 after purchasing an additional 1,985,726 shares during the last quarter. AQR Capital Management LLC boosted its stake in shares of Incyte by 70.5% during the 2nd quarter. AQR Capital Management LLC now owns 2,661,758 shares of the biopharmaceutical company's stock worth $159,905,000 after buying an additional 1,101,041 shares during the last quarter. Finally, Acadian Asset Management LLC grew its stake in Incyte by 28.0% in the second quarter. Acadian Asset Management LLC now owns 3,560,989 shares of the biopharmaceutical company's stock valued at $215,833,000 after purchasing an additional 779,243 shares in the last quarter. 96.97% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

INCY has been the topic of a number of recent analyst reports. Bank of America raised Incyte from a "neutral" rating to a "buy" rating and boosted their price target for the stock from $68.00 to $90.00 in a research report on Tuesday, October 29th. UBS Group began coverage on shares of Incyte in a research note on Tuesday, December 17th. They issued a "neutral" rating and a $77.00 price objective for the company. BMO Capital Markets reissued an "underperform" rating and set a $52.00 target price (up from $48.00) on shares of Incyte in a report on Wednesday, October 30th. JMP Securities reissued a "market perform" rating on shares of Incyte in a research note on Tuesday, September 17th. Finally, Wolfe Research began coverage on Incyte in a research note on Tuesday, October 1st. They set an "outperform" rating and a $84.00 target price for the company. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and nine have given a buy rating to the stock. According to MarketBeat, Incyte currently has an average rating of "Hold" and a consensus target price of $76.29.

Insider Buying and Selling at Incyte

In related news, EVP Vijay K. Iyengar sold 6,043 shares of Incyte stock in a transaction dated Friday, November 29th. The shares were sold at an average price of $75.38, for a total transaction of $455,521.34. Following the completion of the sale, the executive vice president now owns 30,658 shares in the company, valued at $2,311,000.04. This trade represents a 16.47 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Thomas Tray sold 650 shares of the company's stock in a transaction dated Friday, December 13th. The stock was sold at an average price of $70.64, for a total transaction of $45,916.00. Following the completion of the transaction, the insider now owns 23,962 shares in the company, valued at $1,692,675.68. This represents a 2.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 11,023 shares of company stock worth $839,711 over the last quarter. Insiders own 17.60% of the company's stock.

Incyte Price Performance

Shares of Incyte stock traded up $0.10 during trading on Friday, reaching $69.63. 1,542,670 shares of the stock traded hands, compared to its average volume of 1,302,235. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.87 and a quick ratio of 1.82. The company has a market capitalization of $13.41 billion, a price-to-earnings ratio of 497.39, a P/E/G ratio of 7.90 and a beta of 0.69. Incyte Co. has a 52-week low of $50.35 and a 52-week high of $83.95. The business has a fifty day simple moving average of $73.07 and a two-hundred day simple moving average of $67.16.

Incyte (NASDAQ:INCY - Get Free Report) last released its quarterly earnings results on Tuesday, October 29th. The biopharmaceutical company reported $1.07 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.19 by ($0.12). Incyte had a net margin of 0.80% and a negative return on equity of 0.63%. The business had revenue of $1.14 billion for the quarter, compared to analysts' expectations of $1.08 billion. During the same period in the previous year, the company earned $0.91 EPS. Incyte's revenue for the quarter was up 23.8% compared to the same quarter last year. Sell-side analysts expect that Incyte Co. will post 0.4 EPS for the current year.

Incyte Profile

Incyte Corporation, a biopharmaceutical company, engages in the discovery, development, and commercialization of therapeutics for hematology/oncology, and inflammation and autoimmunity areas in the United States and internationally. The company offers JAKAFI (ruxolitinib) for treatment of intermediate or high-risk myelofibrosis, polycythemia vera, and steroid-refractory acute graft-versus-host disease; MONJUVI (tafasitamab-cxix)/MINJUVI (tafasitamab) for relapsed or refractory diffuse large B-cell lymphoma; PEMAZYRE (pemigatinib), a fibroblast growth factor receptor kinase inhibitor that act as oncogenic drivers in liquid and solid tumor types; ICLUSIG (ponatinib) to treat chronic myeloid leukemia and Philadelphia-chromosome positive acute lymphoblastic leukemia; and ZYNYZ (retifanlimab-dlwr) to treat adults with metastatic or recurrent locally advanced Merkel cell carcinoma, as well as OPZELURA cream for treatment of atopic dermatitis.